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How to Get Out of a Real Estate Contract

Visualize this scenario:  After previewing several houses with your real estate agent, you’ve finally found the perfect house.  A real estate contract has been drawn up and signed by you (the buyer) and the seller.  But alas!  You encountered a problem – your mortgage application was disapproved.  Can you still get out of the real estate contract?  Worry not.  Generally, real estate contracts contain contingency provisions which state under what situations the buyer/seller can terminate the contract.

 

A real estate contract is a legally binding contract for the purchase/sale of real estate between two parties.  It varies depending on the type of property being purchased or sold, its location and on whether the contract is a reprinted form furnished by a realtor or one prepared by a lawyer.  While the form may be different, essential information include the names of the parties, legal description of the property, purchase price, down payment, terms of payment if not cash and the closing date.  In addition, both parties may insert contingency clauses.  A contingency is simply a way in which a buyer/seller can back out of a contract within a set period of time if certain conditions specified are not addressed or met satisfactorily.

 

Most real estate contracts contain financing/mortgage contingency which stipulates that the purchase is conditional on the buyer’s ability to obtain a mortgage commitment within a prescribed timeframe.  Inability to do so gives both parties the legal right to terminate the contract.  In this case, the buyer’s deposit is also refunded.

 

An inspection contingency allows the buyer to conduct thorough inspection of the property.  If the seller is unwilling or unable to repair defects or not agreeable to reduce the asking price to help compensate for the cost of the repairs; then both parties can opt to cancel the contract all within the time guidelines set forth in the contract.

 

A contract can also be contingent on the sale of another property.  If the property is not disposed within a specified period of time, the buyer can be relieved of the contract.

 

A real estate contract usually provides a title and survey review period for the buyer.  The buyer gives notice in writing of any fault or flaw noted in the title documents.  If the defects cannot be remedied, the buyer has the right to cancel the contract.  In the same way, the buyer can also conduct a property survey.  If there are structural problems or if there are encroachments on the property, the buyer may also choose to rescind the contract.

 

Some states require sellers to disclose in writing to buyers any known defects of the property.  Any late disclosure gives the buyer the option to terminate the contract within a prescribed period after receipt of the disclosure.

 

The abovementioned are some of the standard contingencies written into almost all real estate contracts.  However, both parties can also add other escape clauses such as a contract contingent on septic tank inspection, home appraisal or the approval of other family members if the property is part of an estate sale.

 

In a nutshell, buyers and sellers do not enter into real estate contracts with the intention of getting out of them.  However, sometimes things do not proceed as expected.  Both parties can then turn to the terms and conditions stipulated in the contract to terminate the deal.  A word of caution:  If a contingency date lapses, either party loses the benefit and protection of the contingency.

Gloria Smith

Life Insurance – Ensure the Correct Balance

Very few people have sufficient assets to enable them to plough along through life, without making provision for their dependents to continue with their present standard of living when the principal earner is gone. However there are many who seem to have delusions of immortality and keep putting off doing anything about it because they aren’t intending to go just yet. Those who cannot afford life insurance are in a very unfortunate position, but those who can afford it but will not get around to doing anything about it are gambling on the future of their families or other dependents.

The loss of a parent or other relative is traumatic enough, but to find out when life goes on after the loss that financial problems are going to be a major factor in life for the foreseeable future, is adding to the grief. So what is to be done? Well, the first action should be to draw up a simple balance sheet – what are your assets and what do you owe.

On the assets side of the sheet you should first of all put down your ‘ready cash’ items. Always remembering to allow as far as possible for any potential changes, the first items should be investments which can be cashed in at short notice. Then methodically work your way through longer term investments, not forgetting such items as life cover provided as a benefit of your employment. You should make a note if applicable if loss of job would lose this cover.

Once the cash side is completed, you move on to material possessions – your house value can be included but bear in mind that your dependants will have to have somewhere to live, so the full value will not be available. The same factor applies to household contents – you are unlikely to be fondly remembered for long by family members who cannot sit down because they had to sell the furniture! A holiday home and contents is not a necessity and the full realisable value could be included, as could the value of a caravan, boat or even a saleable timeshare.

Finally, on the credit side, include valuables such as jewellery, cameras, electrical items etc. but don’t allow yourself to be fooled over the possible value. The vase which your favourite aunt left to you some years ago may be reputed to have a considerable value but don’t rely on hearsay. Get it valued and then write that value down by 25% or more – the valuer may have been more enthusiastic about it than a potential buyer would be.

Now move onto your liabilities, remembering to allow as far as possible for future changes, i.e. have you had a loan which will be paid up in the near future, thus releasing more cash; alternatively are you likely to take out a new loan which would then commit a proportion of your cash to repayments? Do you have commitments which would cease on your death, such as a health protection plan?

When the above is completed why not take the opportunity to do something else which you have probably been procrastinating about for many years – make a will. Now you know what your assets are, why not ensure that they go to the people for whom they are intended – intestacy is a sure fire way to create problems for your family when you depart this life, so why not deal with it now?

You are now in a position to do your sums and decide how much life cover you need to enable your family to live more or less as they do at present. You should be able to arrive at a figure which will be as adequate as you can make it and affordable, but not excessive to the point that paying for it becomes a serious burden.

You have arrived at the point where you are likely to need expert help in drawing up the most suitable policy for your needs, so why not take the easy route (after all your hard work) and browse the internet for a suitable broker.  Better still find 2 or 3 brokers and give yourself a choice when initial discussions have enabled you to form an opinion.

You can now settle into sorting out the fine detail, including the type of insurance which you require and the affordability of your intentions. There are a few different types of insurance available to you, each of which has a different cost. Term insurance for example, provides cover over a specified period, during which your death would trigger payment of the agreed sum; at the end of the term all cover ceases and a new policy would be taken out if required.

The type which historically was frequently employed for mortgage cover is the decreasing term policy, where the amount to be paid out gradually reduces by an agreed amount each year until the end of the term, when cover ceases. This type of policy is very much lower in cost due to the decreasing commitment, but don’t forget to allow something in the sum due for potential inflation.

See a broker, discuss your needs and rest assured that you have taken a major step for your family in reducing the trauma of your inevitable departure. At least it shouldn’t be financial worries that speed your end!

Michael Challiner

How to Get Cash for Structured Settlement

It is not very difficult for a person who has acquired a structured settlement to trade it for cash. Irrespective of the source of the structured settlement, whether from an insurance claim or an out-of-court settlement, a good factoring company can help in obtaining cash for a structured settlement.

The factoring companies give a lump sum to an individual and become beneficiaries of the periodic payments. The lump sum is given minus the factoring companies’ fees which can be up to 15% of the total amount. The amount can be used in a number of ways to accomplish objectives such as repaying debts, buying a vehicle or a house, or funding education. It would not be possible if the money was made available in installments. At the same time, one should sell structured settlements only for meeting genuine requirements and not perceived ones.

A person wishing to sell his structured settlement should decide upon the amount that he wishes to sell giving due consideration to the genuineness of his need and his future requirements. Prospective sellers should shop online for the most appropriate factoring companies so that they can get the best price and terms for their structured settlement. It is possible to get free quotes online that give a basis for comparing settlement firms. One should also try and get an idea of the company’s reputation for fair-dealing, technical competence, and prompt payment.

A person desirous of selling a structured settlement can also do so by contacting a structured settlement broker who can apprise the seller of the best offers available. The seller should be proactive in keeping himself informed regarding any developments with respect to the sale of his settlement; he should also be aware of the responsibilities of the broker and the buyer as well as the steps that need to be carried out to sell the settlement. At no stage should a seller allow himself to be pressurized into making a deal which he is not comfortable with.

The process of selling a structured settlement can take up to two months. Some states in the United States have a minimum waiting period before a structured settlement sale can go through. The obligations to be fulfilled vary with the state and one should be aware of requirements as per state law. A court will decide whether the sale of a settlement is in your best interests. The court procedure involves submitting relevant documents and when these are approved, a date for the sale of the annuity is given by the court. A court-approved sale of annuities is exempt from taxes.

Frank Dotson
http://www.articlesbase.com/finance-articles/how-to-get-cash-for-structured-settlement-56290.html

A Guide To House Repossession

 

People in today’s society will have differing attitudes to debt and debt repayment. There will always be those individual’s who take a very ‘relaxed’ attitude to debt and debt repayment, however the vast majority will take the matter very seriously and in the case of property ownership, they will take any realistic action to make their mortgage repayments on time. Unfortunately there will always be situations out of the control of even the most conscientious borrower.

Individuals fall into arrears on their mortgage for many different reasons; accident or sickness, redundancy or unemployment, death of a spouse, insolvency or hikes in mortgage interest rates to name just a few. The most common reason for property repossession in current times can be attributed to general high levels of consumer debt. This comes in two forms, secured and unsecured debt. Whether this is due to the borrower making payments on their unsecured debts in priority over their mortgage or a level of mortgage borrowing taken out which their income cannot afford.

But how can a few missed payments on the mortgage lead to property repossession?

Very rarely will a property be repossessed over an isolated incident of a couple of missed payments. The advice given to borrowers who fall behind on their mortgage repayments is to contact their lender at the earliest possible opportunity. Speedy action on the part of the borrower can often reduce the potential arrears and put them on the road to recovery. Delaying action is likely to result in increased mortgage arrears and ultimately could lead to property repossession.

Borrowers have a number of options available to them in the early stages of mortgage arrears. These will include:

* Capitalising the arrears;

* Coming to an agreement with the lender to make good the missed payments over an agreed period of time. This is usually only a viable solution if the borrower can afford to increase the monthly mortgage payments;

* Paying the mortgage on an interest only basis for an agreed period. Of course this will only be an option open to those paying the mortgage on a repayment basis. This method is viewed as an immediate short term solution to relieve the immediate pressure as the arrears will still be outstanding;

* Increasing the term of the mortgage. This will take the effect of reducing the monthly payments, thus making them more affordable;

* Downsizing to a cheaper property. This could allow the borrower to use the cash raised to settle the arrears. This of course is not always a viable option as it is dependant on the seller finding a buyer for the property and so on;

* Surrendering an investment policy – such as an endowment or an ISA attached to the mortgage. Surrendering such policies will usually result in a significant loss to the investor as very rarely will he or she receive the full value of the policy. Consideration must then be given as to how the mortgage will be repaid at the end of the term with no repayment vehicle;

But what happens if an agreement with a lender cannot be made, or a solution found to clearing the arrears?

Handing back the keys to the lender is rarely a good idea. The borrower will still be responsible for paying the mortgage until the lender has sold the property. This will lead to more arrears and arrears charges being made. It must also be understood that prices obtained for repossessed properties will usually less than the market value – The lenders primary aim in this case is to sell the property as quickly as possible in order to recoup their funds.

If an arrangement is not made and the arrears situation escalates then it is highly likely that the lender will seek a legal remedy through the County Courts. The borrower will first be notified of this through a letter from the lender’s solicitor.

In order for the lender to take possession of a property, it is first necessary to petition the County Court for a possession order. The borrower will usually receive a court date for the hearing. Before the County Court will even consider granting a possession order it first has to be satisfied that every avenue has been explored by the lender and borrower. The County Court will take the view that possession should be the very last resort.

The County Court may take one of three course of action:

* It can grant an outright possession order. This will enable the lender to take possession of the property which will usually happen within 28 days;

* It can grant a suspended possession order. This will place an obligation on the borrower to make payments in accordance with the court’s decision, with the suspended possession order enforceable if the borrower fails to keep up the repayments.

* It can adjourn the case until a later time.

Once a possession order has been granted the court will also decide a date on which this order is enforceable. The lender can then take steps to take possession of the property.

Once the lender has obtained vacant possession of the property, they will then follow there possession procedures which will include; changing the locks, disconnecting utility services, taking gas and electric meters and informing the local police of the possession.

Even after the property repossession, the borrower can still redeem the mortgage up until the point of sale. This can sometimes happen if the borrower has been organising a remortgage during this process.

In the event of the lender losing money on the proceeds of the sale, it may take further action if it believes the borrower has the financial means to make good the loss.

Chris Copper Jnr

http://www.articlesbase.com/finance-articles/a-guide-to-house-repossession–96108.html

Selling Your House Quickly

Selling your house is one of the most stressful activities you will have to undertake during your lifetime. With approximately 1 in 3 house sales falling through at some stage before contracts have been exchanged it can make for an extremely frustrating & time consuming period. The average time period to sell your house from first putting it on the market to exchanging contracts is 4-6 months. Can you afford to wait this long, will you loose the chance to move into the house of your dreams.

Many people have unrealistic aspirations when it comes to selling their house, they often want a quick sale for a high price, unfortunately these two factors do not sit well together. In todays slowing market unless you are extremely lucky in order to secure a quick sale you will invariably need to lower your price. How much you are willing to lower your price may determine how quickly you sell your house.

If you are in no rush then you should be able to obtain the market value, or somewhere near, for your house. On average houses sell for 93% of their asking price.

There are several steps you could take to make your home more attractive to potential buyers such as re-decorating, tidying the garden, offering to leave carpets & curtains or certain white goods such as Fridge/freezer or washing machine. Some of these things you could do yourself others you may have to pay for. Simply re-painting walls & woodwork in your house may make it a lot more attractive, the smell of new paint may just do the trick. Does the outside of your house look tired, first impressions are of vital importance, simply adding a fresh layer of paint to the outside walls and getting someone to make your garden look like it has always been well looked after will give viewers of your property a great first impression.

Picking an estate agent is also a key factor in selling your house, don’t just go with the one that gives you the highest valuation for your house – this may be an unreasonable price which will not attract potential buyers. Do your homework & try and find out who the best estate agent in your area is, talk to other people try and find those who have recent experience of selling their houses, they may point you in the direction of a good local estate agent who will have plenty of potential buyers for your property.

However if you need to sell your house fast then your best course of action may be to sell to a property trader who will be a cash buyer able to do a deal very quickly. You will have to be willing to accept a “trade price” for your house but you should expect a good property trader to complete exchange of contracts in about 4-5 weeks. They will generally pay all the legal fees for you plus you will have no estate agent fees meaning that you will keep all the money left over from your sale less any outstanding mortgage.

John Mac
http://www.articlesbase.com/non-fiction-articles/selling-your-house-quickly-56199.html

Four Tips to Sell your House for Top Dollar

Here are four tips to help you sell your home for top dollar:

* Create competition for the property. Create an environment where multiple buyers are competing to buy. Stack appointments to show the house in a narrow window so that several buyers are at the property at the same time. This strategy taps into a buyer’s fear of loss, the single greatest spark to get a buyer to buy now.

* List it with the very best agent in the area. Interview agents and choose one who has a record of selling homes for a high percentage of the listing price. You should interview at least three agents, ask for referrals and ask for proof of their ability to do what they say they can do. Get in writing what the agent will do to market the house. Be clear that if the agent doesn’t live up to his or her promises, you want the option of canceling the listing.

* Set the right scene in your house. Make sure the house is bright, clean and open. Get the temperature right, and make sure the house smells nice. The three most important views of the house are the view from the front curb at the front of the house, the view at the front door, and the view at the front entranceway when someone first walks into the house. The combination of these three views gives the prospective buyer his or her first impression of the house. Make sure it’s a good one.

To improve the front view, use flowers with color and ensure the front porch looks tidy. The door should be either freshly painted or brand new.

The kitchen and master bedroom deserve special attention. Simple things like new hand towels in the bathroom or fresh flowers in the kitchen go a long way.

* Spend money for the upgrades that buyers want most. Before you rush off to make repairs in the property or pay for expensive upgrades, tour five or more homes of similar value that are selling in your area. See what final touches are popular with actual buyers. For example, a Jacuzzi tub can be an important feature on homes in certain price ranges but can be a waste of money in others. The key is to ensure upgrades generate at least twice their cost in the home’s final selling price.

David Finkel is co-author of the Wall Street Journal best seller “Making Big Money Investing in Foreclosures Without Cash or Credit.” He also is a full-time real estate investor and the host of the nationally broadcast “Real Estate Radio.”

Silvester Thompson
http://www.articlesbase.com/finance-articles/four-tips-to-sell-your-house-for-top-dollar-232159.html

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